Vietnam's economy grows fastest in 5 years at 6.68%

30 Dec '15

2 min read

Vietnam's economy grew 6.68 per cent, the fastest in five years, helped by an expanding industrial sector and record foreign direct investment. The growth figure beat the government's target of 6.2 per cent growth, according to new data released by the General Statistics Office (GSO).

In the fourth quarter, gross domestic product (GDP) increased 7.01 per cent from a year earlier, accelerating from 6.87 per cent in July-September to be the year's best quarter, the GSO said in a report.

“The economy has clearly recovered,” the office said in a report Saturday.

The Government had set a GDP growth target of 6.2 per cent at the beginning of the year, after achieving a 5.98 per cent expansion in 2014.

The Government later adjusted the expectation to 6.5 per cent, which was also the World Bank's forecast.
Vietnam's GDP per capita this year reached $2,109, up from $2,052 last year, the office said.

The annual budget deficit remained high as revenues were VND885 trillion (nearly $39.3 billion) while spending topped VND1,064 trillion ($47.2 billion).

The statistics office also reported that a total of $14.5 billion of foreign direct investment was disbursed over the year, up 17.4 per cent from 2014.

The government has projected economic growth of 6.7 percent for next year. (SH)

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